16 DECEMBER 1865, Page 3

It is stated that a Treaty of Commerce has been

signed between Austria and Great Britain. Its main principle is that no Austrian duty shall exceed 25 per cent, ad valorem, but the Austrians retain within that limit the right to impose special duties. England snakes no stipulations, and the treaty will come into operation as soon as the new tariff is arranged. The Foreign Office seems, if this account is correct, to have managed matters better than the Board of Trade did, but there must be something behind.